Shaftesbury Capital PLC has agreed to sell a 25% stake in its Covent Garden estate to Norges Bank Investment Management, the Norwegian sovereign wealth fund, for €660m (£570m). The transaction values the iconic West End property at approximately €3.1bn (£2.7bn), aligning with its latest independent valuation.
Shaftesbury Capital will retain 75% ownership and full management control, with the deal expected to be finalized in early April.
Strategic Investment in Prime London Real Estate
Shaftesbury Capital’s CEO, Ian Hawksworth, emphasised the benefits of the partnership:
"This transaction brings in a world-class investment partner, reinforcing our confidence in Covent Garden and the West End’s long-term potential. It also enhances our financial flexibility and strategic growth opportunities."
Jayesh Patel, Head of UK Real Estate at Norges, added:
"This investment reflects our belief in London’s enduring appeal and aligns with our commitment to high-quality real estate in globally significant locations."
Strengthening a High-Profile Property Portfolio
The Covent Garden estate, known for its mix of retail, dining, and leisure spaces, remains a key asset in London’s commercial property market. This deal highlights continued investor demand for prime mixed-use real estate in one of Europe’s most vibrant districts.
